Forced to defend itself against charges that it may apply to investors about the cost of Climate Change to its business. Is this another attempt to bring down big oil. Hi this is bulls bears and thank you for joining us im david asman. Joining me on the panel jonathan ho nick, carol, steve moore and zachary. Lets go straight to jackie at the state Supreme Court in downtown manhattan. Walk us through happen today. It was a short session that started after 2 00 oclock in the afternoon, both sides were able to give their opening statement. This is basically exxon on trial in new york at the new york Supreme Court and basically lawyers for the prosecution kevin wallace, he said potential investors worry about Climate Change when they think about the future of exxon mobil. They worry about the cost of Climate Change in the cost of regulation. Then exxon had different projections when it looked at these cost internally versus when it presented those to potential investors. If thats the case and made acid seymour can secure than they were in reality then the attorney general alleges that as a violation of the martin act and thats a fraud statute. A partner for paul weiss was leading the defense for exxon today in his opening statement, he made many arguments but one was these cash flow projections that theyre talking about inside the courtroom are in the future. They dont impact the bottom line right now. To analyze do not have feedback with any way shape or form with records of the corporation. They are going to have a lot of details that come out over the next weeks on both sides. The prosecution is going to call the first witness stand tomorrow at 930 eastern time. That is a potential investor that will talk about her experience and what she believed given the projections that she saw. Meantime, next week the ceo of exxon for 2006 2016 also former secretary of state will be called and there will be a lot of question surrounding what he knew about the multiple sets of projections. What is at stake, a lot. The signs were looking at in this case potentially 500000000 1. 5 billion if exxon is found guilty. David thank you very much. Lets bring in fox news and fox nation liberty file judge andrew napolitano. The original charge was exxon was hiding evidence of climate harm from fossil fuel. And in the prosecution find any evidence that they were doing that . No. The we say prosecution, this is not an indictment this is a civil trial, no jury just before one judge. This is a weird case that started out making allegations that exxon had created evidence to deceive and the government kept changing obligations the more they found. Now basically saying exxon recorded internally the future cost of remediating Environmental Issues as less expensive than they knew or ought to have known they wouldve been. The d. O. J. Looked at this and said no case. The sec looked at inside there is no case. But new york has something called the martin act which is the toughest most demanding more from security fraud law in the land. David just a followup, is something the prosecution keeps moving the global. They did all the time. That is their goal. You could argue this is a political case. This is an effort to transfer wealth from the largest oil and gas company in the world to yo e state of new york. Thank you for being on the show. I dont think he used the two words that describe the case, take down. As a takedown with exxon and all the energy companies. The idea that the investors have been defrauded is lunatic. Exxon has done pretty well over the last 15 years. Note investor was defrauded. How can they even make the claim that somehow investors invested in something that lost money when exxon has not lost money. This is the point of the argument in opening that the whole case is speculative. He looks at the lawyers and say they cannot put anybody on the stands that say they lost a nickel. You have to put someone who hesitated to invest in the future. That is not a major of damages. This is the first of the third time going around. The company was exonerated. Isnt this another example of government going after a productive Prosperous Company that helps americans produce energy and isnt this the equivalent of a Police Officer pulling someone over and tapping out the back taillight and say we have a problem. They will find something wrong with exxon but because its a fossil fuel company, they deal in oil and not misled anyone. This is the natural progression of the trend among state attorney generals to seek wealth transfers both from big tobacco and big pharma and offer big oil, they do it in a sexy environment showing the demonstrators. There is no jury down there. Who are the demonstrators think their influencing. This is the radical environmentalist who want to put exxon out of business and trying to use the instrument of government to make that happen. The next target is going to be big tech in europe with more significant than google. With 25 billion. I would say i dont think this is a takedown, i dont think this is a defensible case doing in internal projections without that being subject to fraudulent claims. It is political and exxon to try for years to Fund Scientific Research that pointed in a different direction and then Climate Change. Im saying that created a political animosity on those who feel this is a political case based on a company that has funded research to say its not a big deal and Greenhouse Gas is not a big no. That does not make the case right. Most judges would say bring in somebody lost a result of this. And im throwing the case out. They cant. Its all speculative. Their first witness is going to testify about why she did not invest enough that she invested and lost money. The company lied to itself which is something i do every time i get on the bathroom scale. Its a big issue. If youve ever been inside of a corporation, there are multiple sets of projections for everything and you get a different information from the ceo and this is how Big Companies go. What is a potential for a really bad president appoints other companies. Let me get down and dirty. There is no potential for president because this is near state supreme very low reputed state court of general jurisdiction. If this were the seventh district of new york the case will be thrown out. But if were going to trial all across the country. Its a very complicated case. You summed it up very nicely. Thank you for being here. President trump slamming the cake into nancy pelosi for inability to act quickly on the north o american trading. Things are looking good with adil china. What are the chances of that happening next month. We will Ask White House trade advisor all about this and a lot more next. Loca to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. But when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. I knew something was wrong. But i didnt say a word. During the course of their disease around 50 of people with parkinsons may experience hallucinations or delusions. But now, doctors are prescribing nuplazid. The only fda approved medicine. Proven to significantly reduce hallucinations and delusions related to parkinsons. Dont take nuplazid if you are allergic to its ingredients. Nuplazid can increase the risk of death in elderly people with dementiarelated psychosis and is not for treating symptoms unrelated to parkinsons disease. Nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. Tell your doctor about any changes in medicines youre taking. The most common side effects are swelling of the arms and legs and confusion. We spoke up and it made all the difference. Ask your parkinsons specialist about nuplazid. My grandparents that i never knew. Ch about im a lawyer now, but i had no idea that my grandfather was a federal judge in guatemala. My grandfather used his legal degree and his knowledge to help people that were voiceless in his country. That put a fire in my heart. It made me realize where i got my passion for social justice. Bring your Family History to life like never before. Get started for free at ancestry. Com hey fred its medicare open enrollment. E. Time to compare plans. Were fine with what we have. Thats what the johnsons thought until they tried medicares new plan finder. The johnsons . We saved a lot on our prescription costs and got extra benefits. How bout it, fred. Plans change every year. Use the new plan finder at medicare. Gov. Comparing plans really pays. Look how much we can save. David President Trump sounding off on the democrats inability to push ahead with the north american trachea. I cant believe nervous nancy pelosi is not moving faster on usmc a h. E. R. People wanted i dont know why she is not putting it up for a bipartisan vote. Taking too long. White house trade advisor Peter Navarro joining us. What is going on with the trade you and when will it be voted on. It is taking way too long. But there was a group of bipartisan folks talking about it. Adam schiff in the labor in the equation. So the problem that we are running out of days in the legislative calendar. This is a great deal for ameri america, its twice the size of the china deal. We expert five times as much to mexico and canada as we do to china and we really ought to be talking more about this and for me this is a test of nancy pelosi whether she can rise above intuits good. David they say they can do this and the impeachment of the same time but people are wondering, you set on october 3 on fox business if we dont get a vote this month, it probably will not happen. Do stick by that . Heres the problem, there is only a few more days left in the legislative calendar in november the first couple of weeks the house is gone, the senate is there in their back a few days before things giving and this is gonna be a real turkey if nancy steps in. People get up everyday, they go to capitol hill instead of doing usmc for infrastructure or drug pricing or any number of things they can do. They just dive into the swamp with their boots on. David i want to press you, if we dont get it done by the end of this month you said it probably will get done do stick by that . We have a couple days left before things giving. Ill wiggle out of the last one and say if we dont get it done by turkey day itll be problematic. The problem is i dont know what these people get paid for, theyre never there working and then when theyre working there doing stuff that does not advance the welfare of the American People. Farmers, workers, manufactures all benefit from the usmca. David the economy would take off even more than a house but i want to switch gears. Let me say one more time, i got my 30000 on the dow if you get usmca by the first of the year. David i will indeed. Turning to china we had Congress Secretary that told Maria Bartiromo that he wants the right kind of deal and having it done next week is not so critical to him, is not so much timing but getting it right do you agree with that . That is all negotiation behind closed doors. But what i can tell you those negotiations are taking place in lighthizer is working at the deputy level and principal level. Were in a path to chile to paper that deal. As a president want to say, lets see what happens. David you mention chile meeting next month in which the president of china will be there with President Trump. They wont be riding the subway anytime there soon if you saw that. Theyre having some problems. Every time i go to a new city i ride the subway but also can put their. Reporter. David this over 15 nes coming on with china if there is assigning a phase i down a chile will those tears and . That the decision made by the president. We want a phase two into phase three and the only way we get the chinese to focus on these things is by applying appropriate pressure. That the decision up to the president. Lets see what happens. Lets focus now on usmc i before thanksgiving that be a gift to the American People and im feeling bullish right now but my heart has been broken before. I want to talk about a guy name ron vera. It is a pen name that you used in a number of your books and its an anagram for the name navarro. It was an interesting thing people talking about. But now we have the chinese making it very big. They said it will not only impact and threaten normal International Relations in order but in the long run it will ultimately harm the interest of the United States itself. What do you make of the chinese and the focus . Iran is throwing out the first pitch of the world series tonight. I heard they took away his visa in china. Thats all i have to say. It is just good fun. David they dont think its good fun, they say your statement should be carefully screened from now on. Have you ever met a member of the Chinese Communist party that had a sense of humor . David i have to say i have not to tell you the truth. Ive been eyeballing them with the negotiations. David one more thing happened last week, the wall street journal a piece about noble office meaning that larry kudlow put together with a bunch of trade people. Steve morris was there, you were called in in the middle of the meeting and led people to wonder if youre all on the same team visa trade in china. What happens in the oval stays in the will. David thats it . Thats it. We had a good conversation. Thank you very much. Great to see you again. See you at the world series. [laughter] i wish. What do you make of all this. Steve you were at that meeting that i referenced to peter. Is the trade team that the president is dealing with all on the same page . What happens in the oval office stays in the oval office. [laughter] im just kidding. I was not the source for the wall street journal story. But trump likes to have different opinions, whats the correct strategy for dealing with china and one thing i like about donald trump is he puts people on the table with different opinions and thats why ceo should do in terms of making a big decision. One other quick point about the mexico canada trade deal. What worries me is pull oc is saying she wants to change the deal and change various elements of more labor protection for the Drug Companies and so on. If you do that i really worry about is of the whole deal. In terms of china which is the big focus, i like the idea of going at this in phases. It is so comprehensive. We talked about seven different minimum dams and i think hopefully we can make progress on the first phase then we dont get the tariffs increased which is huge for the market. The parttime concern is whether the ip enforcement is going to be in phase one. Thats what we have been hearing. Thats a most difficult thing for china to enforce their entire business and countries business is based on the replicators instead of innovators. If that is supposed to be part of phase one and measure how we get there. Mr. Navarro downplayed the whole run. Chinese officials have brought this up as questioning mr. Navarros o cut ability. He told us a program that china was not paying the tariffs and we now know they werent paying the tariffs in china is pena and he fabricated the source, he fabricated the source over a number of books. If a High School Student did that they get expelled from school. Will note under mr. Navarro get expelled from administration. Will wait and see as a president likes to say. Part of the challenge of ip protection is a full come of all of this conflict between china and the United States. My concern a lot of the ip theft is in the past and a lot of what china is room with Artificial Intelligence are in their own 5g network what people are calling the splinter net, their own Technology Protocol and will have our own and their interbreeding on those things. I fear what we are basically doing, were addressing past abuses without dealing with future competition which would involve us spending a lot more money to the department of defense, darpa, on her own Artificial Intelligence. Were spending some money privately. That is a real problem. David a lot of human rights abuses which we did not have time to talk about. Elizabeth worn out with another multibilliondollar plan. Funding education, at least Charter Schools out of the picture entirely. They have defined for themselves. 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